Nifty Correction Expected

Nifty has formed head and shoulder pattern and it is expected to fall towards 7500 in coming days. Prices also face strong resistance above 7990 which was fibonacci retracement level. Break out towards downside likely to drag prices to lower levels.

Technical Indicator RSI is trading below 55 which confirms downside trend where as MACD is also give negative cross over few days back... One can enter into selling side with stop loss of 8000 for target of 7500 at current rate.